Dhahran — The long-standing business relationship between Saudi Aramco and China was further consolidated during the recent visit to Saudi Aramco of HE Li Wei, president of China’s Development Research Center (DRC) of the State Council, and his meeting with Amin Nasser, president and CEO of Saudi Aramco.
Nasser and HE Li Wei signed a Memorandum of Cooperation on “Promoting the Implementation of Joint Research.” In the memorandum, both parties agreed to explore collaboration and research opportunities between the People’s Republic of China and Saudi Arabia related to alignment and progression of China’s “Belt and Road Initiative” and “Saudi Vision 2030.”
The joint research collaboration areas include Saudi Aramco’s growing downstream presence in China, including oil refining, oil product marketing and retail, and oil storage. The joint research will also explore the interests of Chinese companies partnering with Saudi Aramco and other Saudi Arabian entities for possible investments and partnerships.
Ready for opportunities
“We welcome H.E. Li Wei and his delegation to Saudi Aramco as we continue to explore together various opportunities for mutual benefit and growth,” said Nasser. “The memorandum we signed today will deepen our joint cooperation in the energy sector, particularly in downstream activities. Saudi Aramco stands ready for opportunities to invest and to collaborate, and that would bring our two nations even closer together.
“The recent groundbreaking ceremony for the Saudi Aramco–Norinco Refining, Petrochemical and Retail Project in Panjin, in northeast China’s Liaoning province, further strengthens our strategic cooperation and downstream investment in China and our strong commitment to the Chinese market,” Nasser added.
The visit of the DRC delegation to Saudi Aramco comes on the heels of the participation in March by Nasser in the China Development Forum (CDF) 2017 in Beijing, as well as the historic state visit to China by the Custodian of The Two Holy Mosques King Salman Ibn ‘Abd Al-‘Aziz Al-Sa’ud.
The DRC is a state agency responsible for policy research, strategic review, and consulting of issues related to the economic and social development in China. It is an advisory body that recommends policies to CPC Central Committee and the State Council.
Saudi Aramco has participated regularly in the CDF, which is China’s most preeminent platform for dialog between its senior leadership and representatives from the global leading businesses, international organizations, and scholars from China and abroad.
Photo caption: Amin Nasser and HE Li Wei shake hands after signing a Memorandum of Cooperation on “Promoting the Implementation of Joint Research” recently in Dhahran. The memorandum confirms an agreement to explore collaboration and research opportunities between China and Saudi Arabia related to alignment and progression of China’s “Belt and Road Initiative” and “Saudi Vision 2030.” (Photo: Ahmad El Itani/MPD)